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TAX DIARY JUNE AND JULY 2022

Key dates for your tax diary in June and July 2022.

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STATUTORY RESIDENCE TEST FLOWCHART

Individuals looking to determine their residence status in the UK for tax purposes can use our Statutory Residence Test Flowchart to see if they are a resident or non-resident.

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Will your director and shareholder dividends be hit by the NIC increase?

Shareholder directors of owner-managed businesses normally take a minimum salary and any balance of remuneration as dividends (distribution of company profits). Historically, dividend have been taxed as unearned income and this tends to reduce National Insurance Contributions (NIC), and in some cases income tax. 

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What are the rules when using a private vehicle for business journeys?

Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business.

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What is the Employment Allowance increase for small businesses?

The Employment Allowance has risen from £4,000 to £5,000. This means that businesses and charities whose NIC liabilities were under £100,000 will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bill.

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Gift Aid – What to do if your income has dropped

Gift Aid is a government scheme available to charities and community amateur sports clubs that allows them to claim extra money from HMRC off the back of a donation by a UK taxpayer. The claimant will be able to get an extra 25p from each £1 donated as long as the donor has paid the basic rate of tax and the donation is made from their own funds. For those that pay above the basic tax rate, an individual can claim the difference between the rate you pay and the basic rate on your donations.

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ARE YOU AWARE OF THE TAX IMPLICATIONS OF EXTRACTING YOUR PROPERTY PORTFOLIO FROM COMPANY TO PRIVATE OWNERSHIP?

Many investment properties are acquired through a limited company for a variety of reasons.   Complications arise when this structure is no longer appropriate, for example, there may be a desire to gift to a child, and extracting a property from a company back into private beneficial ownership can be a costly affair. Tax costs arise both for the company disposing of the property and for the purchasing connected party.

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Moore (South) run the Brighton Marathon in aid of The Sussex Snowdrop Trust

On Sunday 10 April 2022 Moore (South) team members Matthew Bather, Andy Tanner and Gemma Warr took part and successfully completed the Brighton marathon.

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Understanding the Difference Between Your Domicile and Tax Residence Status

Domicile is a historical legal concept that is relevant to far more than an individual’s tax position.  

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Tax Diary May and June 2022

Key dates for your tax diary in May and June 2022.

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How will the basis period reform affect your business cash flow from the 2024-25 tax year?

The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that  business profits will be calculated for the tax year rather than for the period of account ending in the tax year. 

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Will your unincorporated business be affected for basis period changes in 2023/24 – Transitional year

The basis period rules for unincorporated businesses are being changed from the 6 April 2024, with a transitional year of the 2023/24 tax year.